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2016-10-07 10:23:12

PPG

PPG Industries

$94.23

-7.965 (-7.79%)

10:23

10/07/16

10/07

10:23

10/07/16

10:23

PPG Industries falls sharply on heavy volume after reduced Q3 view

The stock has fallen sharply on very heavy volume with price last down over 8.5% to $93.43. At that price next support is at $92.17. Resistance is at $94.82. A breakdown below $90 would confirm that a major long-term price top was in place, which would be a technical negative for future price.

Seaport Global analyst Michael Harrison upgraded PPG to Buy from Accumulate and raised its price target to $130 from $125. The analyst increased the outlook for the coatings business and adjusted the model to reflect the divestiture of most the Glass segment and said PPG is a high-quality core holding that should be able to leverage organic and inorganic growth opportunities, maintain focus on cost discipline, and return cash to shareholders.